Oil Price Watch

[uls]

Oil prices are falling coz...

1. Supply -- Iranian oil was supposed to be taken off market, trump told saudi arabia to produce more oil to make up for it, then at the last minute trump gave waivers so Iran can still sell oil which resulted in too much oil

2. Supply -- US shale oil producers pumping like crazy ever since oil prices recovered from OPEC+ Dec 2016 production cut extension (Brent almost reached $90 this year)

3. Demand -- the global economy is showing signs of slowing which will lessen demand

4. Risk off -- keep in mind oil is a risk asset... The selloff in equities (negative sentiment) is carrying over to other risk assets

Now do you believe equities driving oil prices now?

Dow 1000 point rally



Brent 50 ---> 55 overnight!

[Monseratto]

Now do you believe equities driving oil prices now?

Dow 1000 point rally



Brent 50 ---> 55 overnight!

Technical rebound?

[carwhacko]

Yeah I heard maraming nawalan ng trabahong pinoy. Mostly government employees? Swerte yung mga pinoy na nasa higher ranks ng oil and gas industry. I believe they still enjoy bonuses unlike other private companies na marami nang layoffs.


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[uls]

maybe short covering

maybe the market thinks equities and crude oil have bottomed and it's time to buy

[uls]

Yeah I heard maraming nawalan ng trabahong pinoy. Mostly government employees? Swerte yung mga pinoy na nasa higher ranks ng oil and gas industry. I believe they still enjoy bonuses unlike other private companies na marami nang layoffs.


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madami ba pinoys working sa gobyerno nga saudi arabia?

if there are OFWs working in Saudi govt they wouldn't be the first to get laid off pag mababa ang presyo ng langis

the gov't gets first taste of oil money and the money trickles down to other areas of the economy so the govt is last to go bankrupt

mostly sa construction sector nauuna nawalan ng funding

kaya madami construction worker sa Saudi Arabia nawalan ng trabaho


3 years ago...

Saudi builder Binladin cuts 77, jobs, to lay off Saudis -report | Reuters

RIYADH, May 2 (Reuters) - Major Saudi Arabian construction company Saudi Binladin Group has laid off about 77,000 foreign workers and plans to cut thousands of jobs held by Saudi nationals, a local newspaper reported on Monday.

[Dr. Strange]

madami ba pinoys working sa gobyerno nga saudi arabia?

if there are OFWs working in Saudi govt they wouldn't be the first to get laid off pag mababa ang presyo ng langis

the gov't gets first taste of oil money and the money trickles down to other areas of the economy so the govt is last to go bankrupt

mostly sa construction sector nauuna nawalan ng funding

kaya madami construction worker sa Saudi Arabia nawalan ng trabaho


3 years ago...

Saudi builder Binladin cuts 77,��� jobs, to lay off Saudis -report | Reuters

The Middle East's top construction newsmakers of 218 - Business - Construction Week Online

seems they are not affected by plunging oil prices.... too much money on hand

[uls]

The Middle East's top construction newsmakers of 218 - Business - Construction Week Online

seems they are not affected by plunging oil prices.... too much money on hand

really?

replying to the article you posted

item # 1 -- it's a dubai based company building stuff around the world. Those paying them don't depend on oil money. Like Disney

item # 2 -- this Saudi company naman is being paid to build "palaces for the king, crown prince, and other senior royals"... like i said, the govt gets first taste of oil money. tipirin ang iba, wala lang ang sarili

item # 3 -- Kuwait is fine... lower fiscal breakeven

item # 4 -- hahaha ok don't get me started... so this french construction company called Oger International has a Saudi affiliate called Saudi Oger... guess what happened to Saudi Oger



to be continued

[uls]

2017

Once-mighty Saudi construction giant 'finished' - ArabianBusiness.com

A once-mighty Saudi construction firm linked to Lebanon's prime minister Saad Hariri is finished, having left thousands of workers unpaid, sources said on Friday.

The Saudi Oger employees, most of them from abroad, suffered for months without salaries and many have already gone home.

A collapse in oil revenues that began three years ago left the kingdom unable to pay private firms it had contracted. Most were in the construction sector, chiefly at Saudi Oger and another firm, the Saudi Binladin Group.

Struggling construction firm Saudi Oger shuts down - report - Gulf Business

Struggling construction firm Saudi Oger – owned by the family of Lebanese Prime Minister Saad Al-Hariri – ended operations on Monday after 39 years in the business, local Arabic daily Okaz reported.

Saudi Oger hit Oger International so hard that it had to be rescued


and lastly, item # 5 -- it's dubai... they got other sources of revenue

[uls]

saying this again -- the Saudi govt gets first taste of oil money so they can choose where to spend the money

when less money is coming in the ruling class WON'T change their lifestyle

BUT they'll choose WHO NOT TO PAY nalang

and usually it's the contractors that don't get paid

[tsupermario]

saying this again -- the Saudi govt gets first taste of oil money so they can choose where to spend the money

i wonder how much of it is being spent in the yemen war?

[carwhacko]

Yung cousin ko who worked sa hospital (government owned) said that ang huli daw na magllay off is healthcare sector so before pa mangyare she transferred to Doha and got a better offer there. I wonder how the OFWs in Aramco and SABIC are doing...


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[uls]

Actually ang pinaguusapan is what happened 3 or so years ago when saudi/OPEC decided to wage a price war with US shale oil producers causing oil prices to fall as low as $30

Nangyari madami nawalan ng trabaho sa ME

Since then nagrecover naman

Kaya napagusapan kasi bumababa uli ang presyo ng langis.....

[Monseratto]

[joaquim]

Thats a big rollback hindi na pansin yung increase ng diesel due to train 2

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[montro]

SEAOIL will adjust pump price per liter effective 6am, December 29, 2018

Gasoline P1.30 Rollback
Diesel P1.80 Rollback
Kerosene P1.90 Rollback.

Happy ang New Year [emoji106]

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[zechs]

Kaka-full tank ko lang kanina.

Seaoil Commonwealth
Extreme 97 - 36.90php

[baludoy]

kelangan ko na pala pa full tank soon.

[dr. d]

my low fuel light turned on last night.
i'll see what the new fuel prices are today, minus 1 peso...

[uls]

Cracks were already showing in global growth earlier this year but oil prices kept rising

A lot of people in media were predicting $100 oil but I was skeptical

The global economy was already looking fragile going into Q3

[CVT]

SEAOIL will adjust pump price per liter effective 6am, December 29, 2018

Gasoline P1.30 Rollback
Diesel P1.80 Rollback
Kerosene P1.90 Rollback.

Happy ang New Year [emoji106]

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Wala pa ring galaw sa Big3 aka Cartel....😉😎😎